Is the Fed Out of Control? Scott Bessent Lays Down the Law!

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After heaping praise upon U.S. Federal Reserve Chairman Jerome Powell, likening him to a “good public servant”—a title I suppose he fashioned with utmost care—Bessent gazed into the abyss of monetary machinations and insisted upon a full internal review of that most august institution.

Shall the Fed Endure the Wrath of Audit? Bessent Is All For It! 🕵️‍♂️

In a rousing performance that would make a Shakespearean villain proud, Treasury Secretary Scott Bessent has lamented the apparent chaos reigning over the U.S. Federal Reserve. A full internal audit is what he screams for, lest this behemoth continue its unchecked expansion, proliferating like uninvited guests at a tea party. Bessent waxed eloquent on this matter during a delightful gab fest with CNBC Monday and further enticed viewers on Fox Business Tuesday.

“What we really ought to do is scrutinize this grand establishment known as the Federal Reserve and determine if it has been successful in its endless pursuits,” Bessent declared with the gravitas of a man who’s just discovered the last slice of cake at a buffet. As he regaled us further the next day, Bessent reiterated, “What we have witnessed over Yonder—everything that the Fed has touched—has burgeoned extravagantly, and that, my dear friends, is the embarrassing outcome when oversight is but a mere fantasy.”

At the center of this dramatic opera is indeed Fed Chair Jerome Powell, who stands accused of fiscal mismanagement, incompetence, and perhaps a shade of perjury by a chorus of Trump administration apparatchiks. A veritable tapestry of intrigue! 🎭

Powell, steadfast in his resignation, has thus far chosen to maintain the central bank’s target interest rate in the neck-tangling range of 4.25% to 4.50% since December 2024, the last time he mustered the courage to lower that elusive rate. His reticence has visibly vexed President Trump, who is in dire need of lower rates to alleviate the nation’s staggering $1 trillion interest payments on its $36.67 trillion national debt. Poor soul! 💸

(Ah, who could refute the competence of our dear Fed Chair, even amid the whispers of malfeasance?)

Trump, flourishing his rhetorical quill, declared, “The USA is Rockin’, inflation is virtually nonexistent, and why, we deserve rates as low as 1% to save that magnificent sum of $1 trillion a year on interest costs!” on the modern scroll otherwise known as Truth Social. His creative nickname for Powell—“Too Late”—evokes sympathy for the clock’s ill-timed dilation, caught in a never-ending web of indecision.

Moreover, beyond his interest rate predicaments, Powell has found himself in the crossfire of disdain for overseeing a $2.5 billion renovation of the Fed’s Washington, D.C. headquarters. Imagine! $700 million over budget! The pièce de résistance of fiscal impropriety. After gallantly defending this magnum opus before Congress, Powell found himself ensnared in accusations of perjury from the indomitable Florida House Republican, Anna Luna, who insists he spun quite the yarn about the renovation’s various costs. Oh what a tangled web! 🕸️

With Senator Cynthia Lummis joining the fray, Powell’s credibility takes a further hit as she decries his treatment of cryptocurrency firms, alleging he has orchestrated their disenfranchisement under the pretension of upholding Fed interests. How bold of her to point fingers while playfully jostling the financial grapevine! 🍇

All these delightful misadventures lead Bessent to conclude that while Powell might possess a well-meaning heart, one must wonder if the boundless responsibilities of the Fed have surpassed his noble capacities to wield its mighty power. Ah, the irony of it all!

“I know Chair Powell. There’s nothing that tells me he should step down right now. He’s been a good public servant,” Bessent said with a wink and a knowing nod. “I’m calling for an internal review…and I have confidence in Chair Powell that if he were to do this, we could right-size the non-monetary functions of the Fed.” A veritable knight in shining audit armor! ⚔️

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2025-07-23 02:57